Customer FAQ: Financing Options at Sandicliffe

To help you understand your financing options, we've put together a list of frequently asked questions:

1. What financing options are available at Sandicliffe?

At Sandicliffe, we offer a range of financing options to suit your needs, including hire purchase, personal contract purchase (PCP), and personal contract hire (PCH).

2. How does hire purchase work?

Hire purchase is a straightforward financing option where you make fixed monthly payments over an agreed-upon term. Once you have paid off the full amount, you own the vehicle outright. Talk to an experienced member of staff to find out more.

3. What is personal contract purchase (PCP)?

PCP is a popular financing option that allows you to make fixed monthly payments over a set term. At the end of the term, you have the option to make a final payment to own the vehicle, return it, or trade it in for a new model.

4. How does personal contract hire (PCH) differ from other financing options?

PCH is a leasing option that allows you to drive a new vehicle for an agreed-upon term while making fixed monthly payments. At the end of the term, you return the vehicle to the dealership.

5. Are there any additional fees or charges associated with financing?

The specific terms and conditions of each financing option may vary, so it's important to review the details with your sales representative. There may be additional fees, such as early termination charges or excess mileage fees.

6. Can I apply for financing online?

Yes, you can apply for financing online through our website. Simply fill out the online application form, and one of our financing specialists will contact you to discuss your options.

7. How do I know which financing option is right for me?

Our team of financing specialists at Sandicliffe is here to help you navigate the various options and choose the one that best suits your budget and lifestyle. We'll work with you to find a financing solution that meets your needs.

If you have any further questions about financing options at Sandicliffe, please don't hesitate to contact us. We're here to help make your vehicle purchase experience as smooth and stress-free as possible. Start your used car search today!

FAQ's

What is a down payment and how does it affect car finance?

A down payment is an initial payment made when purchasing a big-ticket item, such as a car. In car finance, a down payment is typically required by the lender in order to secure the loan and reduce the loan amount.

The down payment affects car finance in a few ways. First, a larger down payment can lower the overall loan amount, resulting in lower monthly payments and potentially lower interest rates. This can make the loan more manageable and affordable for the borrower.

What happens if I miss a car finance payment?

1. Late fees: You may be charged a late fee by the lender for not making your payment on time.

2. Negative impact on your credit score: Missing a payment can have a negative impact on your credit score, which may make it harder for you to secure loans or lines of credit in the future.

3. Repossession of the vehicle: If you consistently miss payments, the lender has the right to repossess the vehicle.

4. Legal action: In extreme cases, the lender may take legal action to recover the money owed.

It is important to communicate with your lender if you are facing financial difficulties and are unable to make a payment. They may be able to offer you alternative payment options or a temporary forbearance.

What is the difference between APR and interest rate in car finance?

The APR (Annual Percentage Rate) in car finance includes not only the interest rate charged on the loan, but also any additional fees or charges associated with borrowing the money. The APR takes into account the total cost of borrowing, including the interest rate and any extra costs, and provides you with a more comprehensive view of the true cost of the loan. The interest rate, on the other hand, is simply the percentage of the loan amount that you will pay back as interest over the course of the loan. It does not take into account any additional fees or charges that may be included in the overall cost of borrowing.

Can I trade in my current car when getting car finance?

Selling your Car or van with Sandicliffe is simple, straightforward and safe. If you are thinking of selling and you are wondering how much your vehicle is worth before starting the selling process, you can use our instant valuation tool!

Browse our stock today and view our latest car finance deals. Find your local Sandicliffe dealership.